An All-Star Cast of “Friends” in Stoneridge

The list of high-powered attorneys, law professors and former government officials weighing in on a case to be argued in front of the Supreme Court this fall reads like a who’s who in securities law. Here’s a post we did from last week, as the briefs were pouring in on deadline day.

At final count, about 30 “friend of the court” briefs (aka amicus briefs) were filed with the court in Stoneridge, which asks whether shareholders can sue to hold third parties — e.g., investment banks, accountants and law firms — liable for a company’s fraud. It’s a “startling” number of friend-of-the-court briefs for a securities-law case, says Tom Goldstein, a Supreme Court practitioner at Akin Gump, not involved in the case.

The parties have also hired some of the country’s top appellate lawyers to file their briefs. Those lining up on the side of business include the Washington Legal Foundation, represented by Ken Starr, a former Solicitor General now at K&E; Merrill Lynch, represented by Dick Thornburgh, a former Attorney General now at K&L Gates; and the Business Roundtable, represented by Seth Waxman, a former Solicitor General now at WilmerHale.

The legal issues surrounding the case aren’t especially nuanced or complex, say several securities lawyers. So why are so many parties weighing in? Akin Gump’s Goldstein calls it “the pile-on effect” — by filing so many friend-of-the-court briefs, the sides try to convey the message that so many others agree with their position that it must be right. “The barrage is supposed to convey a message itself.”

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The Law Blog covers the legal arena’s hot cases, emerging trends and big personalities. It’s brought to you by lead writer Jacob Gershman with contributions from across The Wall Street Journal’s staff. Jacob comes here after more than half a decade covering the bare-knuckle politics of New York State. His inside-the-room reporting left him steeped in legal and regulatory issues that continue to grab headlines.

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